Friendly reminder, Today kicks of earnings season so make sure to know the earnings dates of all your holdings and if possible the key leaders in the group (earnings reactions to leading stocks can easily waterfall over to peer stocks in the same group)! For earnings dates I recommend Yahoo Finance earnings.
The NASDAQ had its first distribution day in over a month. The market also continued its streak of gapping to the upside then selling off the rest of the day. With the market now neutral as far as overbought or oversold, the door is open for a move either way. With nearly two weeks of sideways consolidation we should expect the market to make a key break with STRENGTH (no hodge podge flat closes) to the upside or downside.
Silver had a heavy volume reversal day today which could signal a top but obviously way early to call. I will continue to monitor the price action and post any significant notes. Coal unfortunately broke back into its base marking a key sell signal for the commodity. For short term momentum traders this means bumping up stops and/or taking some profits for coal stocks.
Five charts tonight for your perusal. Stay frosty out there.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | (-) Down | (-) Down | (-) Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
